Property Transfer Tax

Property Transfer Tax is a fee paid when you buy or transfer ownership of real estate. It is calculated as a percentage of the property's sale price or fair market value, depending on local laws. This tax helps fund public services and infrastructure. The amount varies by location and sometimes by the property's value or purchase type. Typically, the seller or buyer is responsible for paying this tax, often at the closing of the transaction. It's an important consideration in the overall cost of purchasing property and can influence your budgeting and planning.